Moody’s downgrades Libbey

Moody’s Investors Service said it downgraded Libbey Glass Inc.’s probability of default rating to D-PD from Caa2-PD following the company’s announcement it filed for protection under Chapter 11 of the U.S. Bankruptcy Code.

At the same time, Moody’s downgraded Libbey’s corporate family rating to Ca from Caa2 and the company’s senior secured first-lien term loan to Ca from Caa2. The company’s speculative grade liquidity remains at SGL-4, and the outlook remains negative.

Moody’s plans to withdraw all its ratings on Libbey.

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